Coinbase to acquire AI startup Agara to enhance customer service

The bitcoin exchange Coinbase announced the acquisition of Agara, which operates an AI-powered customer-support platform with operations in India and the US.

“We plan to use deep learning and Agara’s virtual assistant technology to automate and improve our customer interaction tools,” said Manish Gupta, Coinbase’s vice president.

The company expects the new functionality to provide users with “personalized, real-time, intelligent support options.”

According to Coinbase, improving customer engagement is a priority for the exchange. Over the past few months it has increased its customer-support staff fivefold. By the end of the year the company plans to provide round-the-clock telephone and messaging support.

Agara’s team will join Coinbase’s previously opened technology center in India.

The parties did not disclose financial terms. According to TechCrunch, the purchase price is between $40 million and $50 million, with completion expected by the end of the year.

Earlier in September Coinbase announced a $1.5 billion bond issuance. The funds were intended, among other uses, for acquisitions, products and technologies.

Subsequently the exchange raised the volume of debt issuance to $2 billion, citing strong demand.

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